Jolan Saunders and Michael Strubel, former company executives at Saunders Electrical Wholesalers Ltd, have been ordered to pay confiscation orders totalling £7,393,663.33. Saunders and Strubel have been ordered to pay £5,262,301.03 and £2,131,362.30 respectively. These totals represent the full realisable assets from their criminal benefit for conspiracy to defraud.
Once paid, all of this money will be distributed as compensation to victims, many of whom were vulnerable people from within the fraudsters’ own communities. Investors had parted with tens of thousands of pounds, with some investing their life savings in the fraudulent scheme.
Lisa Osofsky, director of the Serious Fraud Office, said: “This is an excellent result, capitalising on the convictions in the 2015 trials to ensure fraudsters don’t profit from their crimes. Our Proceeds of Crime team members have worked tirelessly on this case and these confiscation orders are testament to their hard work.”
Saunders and Strubel enticed wealthy individuals to invest in Saunders Electrical Wholesale Ltd, which they claimed was a successful supplier of electrical goods to hotel chains and the Olympic Village.
Jolan Saunders pleaded guilty in July 2015 to one count of conspiracy to defraud and one count of acting as a director of a company while disqualified. He was sentenced to seven years in prison for the conspiracy to defraud and one year, to run concurrently, for acting as a director while disqualified.
In February 2015, Michael Strubel was tried and found guilty by a jury of conspiracy to defraud, and was subsequently sentenced to seven years in prison.
Saunders faces a nine-year prison sentence if he fails to pay the amounts within three months. Strubel faces a 7.5-year prison sentence if he fails to pay the amount within three months.